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Here's What Happened to Tesla's Bitcoin (BTC) Holdings in Q1

Wed, 04/19/2023 - 20:23
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Alex Dovbnya
Tesla's Q1 2023 earnings report reveals that the company's remaining Bitcoin holdings stand strong at approximately 11,950 BTC ($350 million)
Here's What Happened to Tesla's Bitcoin (BTC) Holdings in Q1
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In its Q1 report, e-car maker Tesla revealed that its Bitcoin holdings had remained unchanged at approximately 11,950 BTC, equivalent to around $350 million.

While Tesla's Q1 earnings report revealed a slight dip in sales, coming in at $23.33 billion compared to the estimated $23.39 billion, the company met earnings per share (EPS) expectations of $0.85.

Investors appeared unfazed by the sales miss, with Tesla shares trading only marginally lower in after-hours trading.

As reported by U.Today, the e-car maker sold 75% of its Bitcoin holdings in June 2022, converting them into fiat and adding $936 million to its cash reserves.

Tesla initially invested in Bitcoin in February 2021, purchasing $1.5 billion worth of the cryptocurrency. This investment significantly impacted the price of Bitcoin, pushing it to new highs at the time. However, the audacious bet ended up being mostly a failure.    

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at